Binance seems to have finally opened the floodgates for an altcoin project that wants to get rid of zero prices to reach the old ATH level.
Binance removes warning signs for notorious altcoin
Terra Classic (LUNC) and TerraClassicUSD (USTC) are on the rise as Binance has removed the ‘warning label’ it has applied on its platforms like Coinmarketcap. The exchange had put up warning labels after Terra’s collapse and Do Kwon’s problems with South Korean officials.
The warning sticker was driving investors away from Terra for fear they could lose their funds or positions as a result of the negative sentiment surrounding the project and the token. As we stated as Kriptokoin.com, Binance first issued the warning notice at the beginning of 2021, when Terra LUNA and UST collapsed.
The latest warnings come after a South Korean court issued an arrest warrant for one of Terra’s co-founders, Daniel Shin. In addition to this, Terra’s founder and core developer Do Kwon has filed a criminal complaint by the Korean authorities. This has led to many centralized exchanges stopping deposits and withdrawals for altcoins, with Binance being the first to do so.
Price increase started
Classy Crypto, a phenomenon known to LUNC investors, highlighted the price movements of both cryptos, noting the promising development today. “WARNING LUNC and USTC ARE RUN after Binance’s warning labels have been removed from its platform,” Classy said. As the charts in the tweet show, LUNC price is up over 5%, while TerraClassicUSD (USTC) is up over 15% to $0.02565.
ALERT 🚨 $LUNC & $USTC are RUNNING after warning labels from #Binance were removed from its platform. pic.twitter.com/HvyIZ8qazJ
— Jesus Martinez (@0xJesusMartinez) January 31, 2023
Another analyst, the famous LUNC validator “LUNC DAO”, was the first to launch a campaign to get rid of the warning labels. The LUNC loyalist has tweeted multiple times to Binance and Binance CEO CZ to draw attention to the situation. As of this morning, Binance has finally responded to LUNC’s community request.
There are 5x pending altcoin analysts
With the latest development, the Terra Classic (LUNC) price is expected to witness a massive spike as new investors flock to the cryptocurrency. Also, as Binance is currently one of the largest crypto exchanges responsible for driving LUNA’s trading volume, removing the warning indicators could lead to increased investor interest and subsequent purchases. While it won’t happen overnight and will take some time, LUNC’s price could skyrocket from 2x to 5x its current value as a result of Binance opening the doors for cryptocurrency.
Finally, the Terra (LUNA) price also rose to $2.00 today and dropped as much as 10% at one point yesterday. Although its current level has increased by 58% over the past 30 days, it represents an 11% drop in one week, making LUNA one of the best performing cryptocurrencies among the top 100 cryptocurrencies by market cap.
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